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Monday, November 19, 2007

Penang land prices not likely to dip, says expert

PENANG: The island's land prices are unlikely to drop, even if another economic slowdown happens, said Michael Geh, a senior partner at property consultancy Raine & Horne (Penang).

“For the past 10 years, Penang’s land value has been increasing,” he said yesterday when presenting a talk on Penang Property As A Global Asset during the “NCER: Seizing The Opportunities” symposium organised by Abad Naluri Sdn Bhd.

He also said it was a misconception to say that there was not much land left in the state.

“With NCER, Penang can be a microelectronic hub of excellence, logistics hub in the northern region and has potential for an oil industry spin-off,” he added.

He said Penang’s strengths were its friendly locals, strong engineering workforce and vibrant nightlife.

However, the state’s weaknesses were its over dependence on the electronics and manufacturing sector, limited direct flight destinations, lack of top jobs for other sectors and slow pace in property development.

He also said the state’s declining population growth due to intra-state migration would hamper its development rate.

By The Star

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